Failure of the Student Loan Market

Failure of the Student Loan Market A college degree is more than the culmination of learning processes. It is a credential that functions as a good, but in a unique way because it allows the holder to compete more powerfully in the labor market. At the same time, accessing this good requires specific financial instruments in the form of grants, financial aid, awards, federal benefits, and of course, loans. The student loan market, as this essay will show, is a market failure. The supply of college degrees is insufficient compared to the supply of loans for college and costs; there is an information asymmetry with these financial products because many seeking to buy them are not aware of the risks (e.g., the lack of consumer protection, the likelihood that they will not graduate); further, the more loans are sold, the more the value of the good people use them to get (i.e., a college or graduate degree) will decline. All of these factors point to the student loan market as a market failure. Short of dramatic remedies t hat might make education inaccessible for all but the 1%, one of the best policy-related solutions to this dismal problem might be to make holding a loan less painful for those who are trying to repay it. Why is the student loan market an issue, and why does it exist in the first place? The ways that Americans finance their postsecondary education hold insight into the answers. As college costs have risen far faster than the rate of inflation (Lieber, 2009), and as the middle class’ buying power has declined, most people have been unable to finance their educations out of their own pockets. For generations, many college students in America have taken on loans to finance college and postgraduate education due not just to the assumption that this will have a positive return on investment (ROI), but also because of the perception that student loan repayment offers a generous tax deduction. However, as college costs skyrocket (Abel & Deitz, 2014) and jobs evaporate to the point where increasing numbers of people question its value (Taylor et al., 2011), more people are asking questions about student loans and who really benefits. Muddying the water still further is the role of 26 U.S. Code  § 221, which stipulates the details that govern the student loan interest deduction, including its maximum deduction and the modest cost-of-living increase that may increase this maximum, in addition to details regarding definitions and the roles of dependents in calculating this deduction (Cornell Law School Legal Information Institute, 2017). In general, an individual is eligible for this deduction if, and only if, he or she took out a qualifying educational loan, if they paid interest on the loan (as opposed to fees, principal only, or another arrangement), and if the individual’s modified adjusted gross income (MAGI) is no more than $80,000 if filing as an individual or $160,000 if filing as a married couple (Aranoff, 2015; Internal Revenue Service, 2017). However, these deductions may seem overly modest, given that as of 2013, the average college graduate was leaving school with more than $35,000 of debt (Ellis, 2013). Increasing numbers of people are taking out enormous sums to finance college or graduate school, and fewer are able to pay these off in time, leading to cascading economic problems when they are unable to buy homes, when they put off having children, or in many cases, simply default on the loans. Information asymmetry is also a critical component of this market and of its failure. Especially for those who are first in their family to attend college, or who otherwise have no personal experience with higher education and its marketing techniques, the appeals of predatory for-profit schools are almost irresistible. These high-pressure schools use sales techniques to get students to agree to attend, helping them apply for loans but failing to give them adequate information about the risks involved (to say nothing of the low value of a for-profit degree). The people selling the loan products have information that the purchasers do not. In some larger theoretical or symbolic sense, the very information asymmetry is something that people want to overcome through their pursuit of a college degree. Regardless, the student loan crisis is widely considered to be more highly concentrated among those attending two-year schools. Economists have noted that there is a serious potential for an economic crisis to occur if many default on student loans, though the lack of collateralization, as was prevalent in the housing bubble, may contain the damage – but may also nonetheless cause severe declines in middle-class purchasing power (Looney & Yannelis, 2015). The authors of one study stated, â€Å"†¦it is interesting to compare the default out-comes of borrowers who took out subprime mortgages compared with those who took out student loans to attend for-profit colleges. Both types of borrowers tend to have poorer-quality credit records, and the returns to their investments were dependent on macroeconomic factors beyond their control—house prices in the case of subprime mortgages and wage growth in the case of student loans† (Looney & Yannelis, 2015, p. 81). This passage hints at the interconnected nature of mortgages and student loans, including the ways that student loan borrowers are disadvantaged by the situation and by the informational asymmetry. The repayment systems for student loans, meanwhile, also represent market failures in a strong way. A 2008 paper explored the ways in which various proposed loan forgiveness programs effectively constituted a secondary tax (Dynarski, 2008, pp. 19–20). The author concluded that even though college costs rise and student loan borrowers remain in debt for a very large amount of time, the degree itself is still worthwhile. However, â€Å"†¦ there is a mismatch in the timing of the arrival of the benefits of college and its costs, with payments due when earnings are lowest and most variable. Ironically, this mismatch is the very motivation for providing student loans in the first place† (Dynarski, 2008, p. 26). The market failure is apparent from the way that this mismatch occurs, and the ways in which information asymmetry surrounds much of the loan buying process. Dynarski also offers a discussion of the ways that the federal repayment programs such as Pay as You Earn and Income Based Repayment, as well as hypothetical programs such as Pay It Forward (state-based, income-based programs that allow low earners to pay very little while high earners pay much more) constitute taxation, which segues into the larger policy discussion: The student loan interest deduction and the ways in which it can be remedied to better address this market failure. Because of the widespread perception that student loan debt is good debt, and because of the ways that this tax code provision is built on some complex assumptions about supply and demand, it is clear that there is a market failure. The deduction assumes that the supply of college graduates will be smaller than the supply. It assumes that the cost of living will only increase modestly, and critically, it does not calculate the increases in college costs or the ways that they far outpace inflation. In other words, it assumes that the demand for college loans will outpace the supply of people taking them out and repaying, when the opposite is true. It also assumes that the economic demand for college graduates will be higher than the supply, to the point where incentivizing people to get an education is necessary to get highly skilled workers. However, the economy is no longer in need of these credentials, or perhaps college has become so watered-down that people with degrees are seldom finding the kinds of jobs they dreamed of. In any case, many people with college or even advanced degrees are not experiencing the return on investment that they had anticipated. At present, the student loan interest deduction is generally capped at $2,500 annually (Internal Revenue Service, 2017). For those who are repaying very significant loans, including for graduate school, professional school, or simply for attending high-cost, predatory schools, this deduction does not make a significant difference. More people than one may initially believe struggle with student loans of $100,000 or more (Kantrowitz, 2012), so the tiny tax deduction is often laughable. Especially because of the market failure that has itself promoted the situation, the government should intervene to increase the tax deduction. The mismatch between the good and its benefits facilitates the market failure of the student loan interest deduction (Dynarski, 2008, p. 26). Even for those who have a modest amount of student loans and for whom the interest deduction would be significant, an informational asymmetry means that many who qualify for this deduction do not even take it, since around 19% are not even aware of what deductions they might quality for (Student Loan Hero, 2016). Revising the system so that, for example, student loan interest and principal are both deductible, could reduce the failure of the market. Improving information about student loans, as well as how to take advantage of the tax deduction, could also go a long way towards reducing the information asymmetry that dominates the market. The failure of the labor market to adequately absorb college graduates, especially with wages that cause their debts to decrease over time, combined with the informational asymmetry that disadvantages some people more than others, means that there is a serious issue; one potential remedy would be to improve the student loan interest deduction. The student loan system is a market failure, and the tax deduction has also failed to live up to promises because of the temporal mismatch. It has failed to account for the realities of college costs, the realities of the labor market, and the realities of economic life for young people. The policy is a market failure and needs to be changed. Some ways to improve it could be to increase the maximum deduction, to increase the MAGI ceiling at which the deduction is phased out, or to implement widespread loan forgiveness since doing so might add more liquidity to the consumer economy, which would in turn help the economy to grow. Forcing colleges and universities to guarantee student loans could also be another solution to the problem of student debt, ensuring that widespread debt default has less of an effect on the overall economy than it did during the housing bubble.   References Abel, J. R., & Deitz, R. (2014). Do the Benefits of College Still Outweigh the Costs? Current Issues in Economics and Finance, 20(3), 1–12. https://doi.org/DOI: , Aranoff, A. (2015). Student Loan Interest Deduction: What You Need to Know | HuffPost. Retrieved October 17, 2017, from https://www.huffingtonpost.com/aryea-aranoff/student-loan-interest-ded_b_7486888.html Cornell Law School Legal Information Institute. (2017). 26 U.S. Code  § 221 Interest on education loans | US Law | LII / Legal Information Institute. Retrieved October 16, 2017, from https://www.law.cornell.edu/uscode/text/26/221 Dynarski, S. M. (2008). An Economist’s Perspective on Student Loans in the United States (No. 5579). Munich. Ellis, B. (2013). Class of 2013 grads average $35,200 in loans, credit card debt. Retrieved November 1, 2017, from http://money.cnn.com/2013/05/17/pf/college/student-debt/ Internal Revenue Service. (2017). Topic No. 456 Student Loan Interest Deduction. Retrieved October 15, 2017, from https://www.irs.gov/taxtopics/tc450/tc456 Kantrowitz, M. (2012). Who Graduates College with Six-Figure Student Loan Debt†¯? Washington. Lieber, R. (2009, September 5). Why College Costs Rise, Even in a Recession. The New York Times, p. B1. Looney, A., & Yannelis, C. (2015). A crisis in student loans?: How changes in the characteristics of borrowers and in the institutions they attended contributed to rising loan defaults. Brookings Papers on Economic Activity, (Fall), 1–89. https://doi.org/10.1353/eca.2015.0003 Student Loan Hero. (2016). 19% of Americans Don’t Know What Student Loan Tax Benefits They Can Claim. Retrieved November 1, 2017, from https://studentloanhero.com/press/19-percent-americans-dont-know-student-loan-tax-benefits/ Taylor, P., Parker, K., Fry, R., Cohn, D., Wang, W., Velasco, G., & Dockterman, D. Is College Worth It†¯? (2011).

Personality development, the concept that personality is affected Essay

Personality is the particular combination of emotional, attitudinal, and behavioral response patterns of an individual. Some ideas in the psychological and scientific study of personality include: Personality changes Personality development, the concept that personality is affected by various sources Personality disorder Personality genetics, a scientific field that examines the relation between personality and genetics Personality pathology, characterized by adaptive inflexibility, vicious cycles of maladaptive behavior, and emotional instability under stress Personality psychology, the theory and study of individual differences, traits, and types Personality quiz a series of questions (usually multiple-choice, rating scale, or True/False) intended to describe aspects of an individual’s character, thoughts, and feelings Personality style Personality systematics, among subsystems of personality as they are embedded in the entire ecological system Personality test, examples would include the Minnesota Multiphasic Personality Inventory (MMPI-2), Rorschach Inkblot Test, and Thematic Apperception Test (TAT) Personality type, refers to patterns of relatively enduring characteristics of behavior that occur with sufficient frequency Personality trait, refers to enduring personal characteristics that are revealed in a particular pattern of behaviour in a variety of situation REACTION: Personality is the unique traits of an individual and may be recognized at the early stages of their life1. Personality development can thus be defined as the development of a person’s attributes that make one unique. Personality therefore reflects an individual’s psychological traits, characteristics, motives, habits, attitudes, and beliefs. Personality also displays ones reaction and interaction with other people and consists mainly of the following three components: temperament, environment, and character. Character is an individual’s entire traits or attribute that distinguishes one person from the other. The mental characteristics of an individual’s personality are the complex attributes that makes the individual unique and different from other people. These characteristics include all the patterns of thought and emotions that cause one to do and say things in particular ways. Fundamentally, personality is expressed through ones temperament tone. Personality also defines ones values, beliefs, and expectations. There are several possible factors that are involved in shaping an individual’s personality and are mostly seen as coming from a person’s heredity and the environment that they are exposed to. PERSONALITY DEVELOPMENT An individual’s personality is an aggregate conglomeration of the decisions they have made throughout their life and the memory of the experiences to which these decisions led. There are inherent natural, genetic, and environmental factors that contribute to the development of our personality. According to process of socialization, â€Å"personality also colors our values, beliefs, and expectations †¦ Hereditary factors that contribute to personality development do so as a result of interactions with the particular social environment in which people live.† Personality is defined as the enduring personal characteristics of individuals. FREUD’s THEORY Drives-Freud believed that two basic drives—sex and aggression—motivate all our thoughts and behaviour. Structure of personality-Freud conceived the mind as only having a fixed amount of psychic energy (libido). Tripartite personality-Freud believed that personality had three parts—the id, ego, and super-ego—referring to this as the tripartite personality Defense mechanisms- The ego, having a difficult time trying to satisfy both the needs of the id and the superego, employs defense mechanisms. Psychosexual stages-Freud believed that at particular points in the child’s development. REACTION: Personality’ is what distinguishes you from other people – the unique attributes and qualities that make you who you are. It is an accumulation of your values and beliefs, expectations, experiences and decisions you’ve made. So the question is, what can you improve, and how will that improvement make your life better? Your beliefs are derived from your background conditioning, mostly from childhood. This conditioning happens unconsciously. Your parents, environment, social norms and expectations, experiences and other influences have shaped who you are. It’s important to realize that changing your personality is not changing â€Å"who you are† – it’s more of a software upgrade in the way you think and act, and by taking on one or two traits at a time, you make small incremental changes with a huge payoff. Underneath it all, you’re still the wonderful you, only with a higher, more attractive-to-good-things vibration. Personality psychology â€Å"Personality† is a dynamic and organized set of characteristics possessed by a person that uniquely influences his or her cognitions, emotions, motivations, and behaviors in various situations. The word â€Å"personality† originates from the Latin persona, which means mask. In the theatre of the ancient Latin-speaking world, the mask was not used as a plot device to disguise the identity of a character, but instead was a convention employed to represent or typify that character. Personality also refers to the pattern of thoughts, feelings, social adjustments, and behaviors consistently exhibited over time that strongly influences one’s expectations, self-perceptions, values, and attitudes. It also predicts human reactions to other people, problems, and stress. there are many different theories of personality, the first step is to understand exactly what is meant by the term personality. A brief definition would be that personality is made up of the characteristic patterns of thoughts, feelings and behaviors that make a person unique. In addition to this, personality arises from within the individual and remains fairly consistent throughout life. Some of the fundamental characteristics of personality include: Consistency – There is generally a recognizable order and regularity to behaviors. Essentially, people act in the same ways or similar ways in a variety of situations. Psychological and physiological – Personality is a psychological construct, but research suggests that it is also influenced by biological processes and needs. It impacts behaviors and actions – Personality does not just influence how we move and respond in our environment; it also causes us to act in certain ways. Multiple expressions – Personality is displayed in more than just behavior. It can also be seen in our thoughts, feelings, close relationships and other social interactions. Theories of Personality There are a number of different theories about how personality develops. Different schools of thought in psychology influence many of these theories. Some of these major perspectives on personality include: Type theories are the early perspectives on personality. These theories suggested that there are a limited number of â€Å"personality types† which are related to biological influences. Trait theories viewed personality as the result of internal characteristics that are genetically based. Psychodynamic theories of personality are heavily influenced by the work of Sigmund Freud, and emphasize the influence of the unconscious on personality. Psychodynamic theories include Sigmund Freud’s psychosexual stage theory and Erik Erikson’sstages of psychosocial development. Behavioral theories suggest that personality is a result of interaction between the individual and the environment. Behavioral theorists study observable and measurable behaviors, rejecting theories that take internal thoughts and feelings into account. Behavioral theorists include B. F. Skinner and John B. Watson. Humanist theories emphasize the importance of free will and individual experience in the development of personality. Humanist theorists include Carl Rogers and Abraham Maslow. REACTION: Personality PSYCHOLOGY is a characteristics possessed by a person that influences his or her cognitions,emotions,motivations and behaviors in various situation.It is a unique combination of these characteristics provides the basic foundation of who you are and makes up the personality that your friends and family have come to like (and dislike!).There are many theories under personality psychology. Personality is something that arises from within and remains quite consistent throughout life, but the environment and the situation play an important role in determining how different aspects of your personality are expressed. There are four fundamental characteristics of personality. First, it is constant and people tend to behave in the same way when they encounter similar situations. Second, personality not only influences actions, but it also actually causes people to behave in specific ways. Third, personality is influenced by both psychological and biological factors. Finally, personality is expressed not only in behaviors, but through emotions, thoughts, social behavior, and close relationships. How the world perceives you is a direct reflection of and reaction to how you present yourself to them. Race, age, and gender are qualities you have no control over, but certainly contribute to your personality because of how the world perceives you based on these features. A person who continuously experiences racial discrimination may guard himself against it by at first seeming cold and unfriendly. But once he opens up, you may discover someone completely different inside.Dig a little deeper, and the private aspect of your being appears: dreams too bizarre to discuss; experiences too sentimental to reveal; fantasies that may seem childish to others; goals, standards, and morals you aspire to; daily internal dialogue, thoughts, and ideas — all of these elements make up the â€Å"you† that only you truly know. And only you can decide when to share these parts of your personality with others

Poverty The Poor And The Welfare Program - 1130 Words

People are divided when it comes to discussing the issue of poverty worldwide especially in the United States. Poverty within the U.S is getting worst because people are divided between the meaning of providing assistance to the poor and the welfare program. Many people want to assistance the poor but not enough is getting done about it. People living in poverty is blamed for their poverty. They are seen as lazy and not hard working enough. The system is design to blame the welfare program for people living in poverty, and as well as the individual in poverty. The new century and millennium we live in very individualistic where it all about better oneself through hard work, and self-reliance. Poverty is when someone is in the state of†¦show more content†¦This is the same fate that’s await Tabitha unless some opportunity come along. Since Tabitha Hicks is Alva Mae daughter, it easy to assume that the same fate awaits her because of the way the economy is set up. Peopl e tend to have the same socioeconomic status as their parents. It’s pass down from generation to generation because people only have encounter with people who have the same socioeconomic status as well. The only person that had major influence on Tabitha Hicks is rookie corps member of Teach for America (TFA) who was assigned to her classroom name Mark Patten. Tabitha Hicks interaction with Mr. Patten change her perspective and provided her with better opportunity, and the ability to make wise decisions. Mr. Patten first change Tabitha impression of white people when he visits her home and did not judge her. Not only did he not judge her, he also helps her new glasses. He pays attention to how she was doing, and it was genuine (146). She explains that she never had anyone treat her that way before, and she trusted him. This shows how the educational system is lacking because no one else notice until the new teacher Mr. Patten was assigned to her classroom. 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Child Labor And Child Rights - 884 Words

Child Slavery Up until the 13th amendment, owning a slave had been just like owning any other piece of property. No one felt guilty about how the slaves were being mistreated. The 13th amendment was the first step in ending slavery in the United States, but no steps were taken to end slavery in other countries. Even though people believe that slavery no longer exists today, about 5.5 million children are still held captive in slavery (Anti- Slavery International 2012). Child slavery can come in many different forms. There are a few differences between child work, child labor, and child slavery. Child work is beneficial to the child. Work can be used to gain skills or knowledge that is essential for the child growing up. Work can also be a source of income for a family. Child labor is the child being taken away from an education and development. An example of child labor would be a ten year old child working for a company when the labor laws say that the minimum working age is 15. 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